The government on Wednesday cleared a proposal for the establishment of permanent campuses of seven new Indian Institutes of Management (IIMs) by June 2021, at a cost of over Rs 3,775 crore.

"The Union Cabinet chaired by Prime Minister Narendra Modi has approved the establishment and operationalisation of permanent campus of seven new Indian Institutes of Management (IIMs)," said a government statement.

The institutes are in Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu. The total cost is assessed as Rs 3,775.42 crore, out of which Rs 2,804.09 crore will be spent for the construction of permanent campuses. Each of these IIMs will be constructed at an area of 60,384 sqm, which will have complete infrastructural facilities for 600 students in each IIM, the statement said. Recurring grants to these institute has also been approved at Rs 5 lakh per student per year for five years. Thereafter, the institutes are expected to meet their running cost and maintenance cost from the internal generation of funds, it said. The construction of permanent campuses of these institutes shall be completed by June 2021, the statement said. With this, all the 20 IIMs will have their own campuses. (source ET)